Finance and real estate conglomerate Sahara on Tuesday expressed its inability to pay Rs 36,000 crore in 18 months, as earlier directed by the Supreme Court.
Sahara on Tuesday told the top court that no business house in the world can pay Rs 36,000 crore within 18 months. After the Supreme Court reiterated that Sahara is obliged to pay the money, Sahara's lawyer Kapil Sibal said "the obligation to pay is not disputed".
The Supreme Court had earlier said that Sahara owes as much as Rs 36,000 crore to bond investors, which it has to deposit within 18 months and in 9 instalments. The top court also ruled that if its chief Subrata Roy fails to deposit any three instalments, he and two other directors of Sahara, who are also currently in Delhi's Tihar jail, will be taken into custody.
Mr Roy has been in jail since March last year for being unable to pay Rs 10,000 crore as ordered by the court. The Sahara chief had already deposited Rs 5,120 crore in cash but has been able to raise the rest of the amount.
Sahara is currently in the process of selling properties to raise money for Mr Roy's bail.
Sahara on Tuesday informed the top court that Gorakhpur Real Estate Corporation has offered to pay Rs 110 crore for a 44-acre property.
The Supreme Court will take up the case on Monday.